I also voted yes.
GLBSE seems to be down for a while till a bug is resolved. But the consensus seems to be sell now the minimum BTC to cover the production costs.
Topic: ASICMINER: Entering the Future of ASIC Mining by Inventing It - page 1336. (Read 3917468 times)
GLBSE seems to be down for a while till a bug is resolved. But the consensus seems to be sell now the minimum BTC to cover the production costs.
I voted yes also, but now glbse is down again. Hard to vote with service windows like that.
voted yes
I also voted yes.
YEA !
Voted yes. This is obviously the safest course of action for Bitfountain's success.
I just voted Yes as well.
Cant vote for now, glbse is down.
It goes down momentarily occasionally. I just checked and it's back up
Anyways consider me a vote cast for selling those 8000- the market seems to be tied up in this drama with BTCST, and whether or not pirate will pay out. While I don't claim to have a crystal ball, it seems like this episode has many more ways of crashing the price of bitcoin than rallying it.
Thank you for being responsible enough to put it to a vote, friedcat
Cant vote for now, glbse is down.
Thanks HorseRider to bring this up.
Generally I'd agree, better ensure the venture can be realized at all than to speculate on better exchange rates and potentially higher reserve funds.
The only issue I have is: do we already know that the IPO will pass successfully? If not and we need to exchange to fiat and then back to refund the coins, this will inevitably cause losses. I personally stopped calculating in fiat, and it would hurt to get only 80% of my invested BTC back.
if we sell 8000 bitcoins right now, even if the exchange rate have a 50% drawdown, we will still have enough money push this venture into masking process, and have enough time to raise more money we need.
50% sharp drawdown happened only 4 times in the mtgox trading history. ((2010/11/9-11, -61.9%; 2011/6/11-13, -70.3%; 2011/10/19-25, -60.3% and the most recent one) It won't likely to happen again very recently as we already have such crash a week ago. Giving all the shareholders and friedcat agree, we will have time to sell more shares and won't delay the process.
but if we keep all the capital in bitcoin, a 20%-30% drawdown will make the IPO a failure, or delay the process. All previous 50%+ crash follows a down trend to test the bottom of the crashes. If it works the same way this time, we could test 7-8 usd in coming future weeks, when it is the time for Bitfountain pay its bills.
This motion is trying to prevent ASICminer from the exchange rate risk. This will secure the IPO and secure the opportunity, no matter which direction the exchange rate goes. If we have a rally, the IPO will definitely be successful. the 3k-5k bitcoin will benifit from the rally. If we have a drawdown and even a sharp drawdown as much as 50%, the project will still alive.
Thanks HorseRider to bring this up.
Generally I'd agree, better ensure the venture can be realized at all than to speculate on better exchange rates and potentially higher reserve funds.
The only issue I have is: do we already know that the IPO will pass successfully? If not and we need to exchange to fiat and then back to refund the coins, this will inevitably cause losses. I personally stopped calculating in fiat, and it would hurt to get only 80% of my invested BTC back.
Voted "Yes". Secure the opportunity.
If there is a fall, it will probably take place on this weekend when the banks are closed and no new money is pouring in.
If there is a fall, it will probably take place on this weekend when the banks are closed and no new money is pouring in.
(since you have tried to risk the company into a failure to catch the rally, the debt leverage won't be risky for you from your view, too)
sorry. lost in translation. Can you rewrite?rewrited,
some board members have tried to catch the bitcoin exchange rate rally by endangering the company's business plan, so that using debt to invest in bitcoin won't be risky for them if they are so sure about the direction of the bitcoin price.
I am afraid not much better. I'll try an interpretation and you can correct me if I'm wrong:
What you're saying is that you got the impression that a few board members would like to gamble on the BTC price fluctuation with the full amount of the ASICminer capital, and by doing that, they risk the whole endeavor. Instead, you suggest, these board members should use their own capital to speculate on BTC price. Also, since some BTC would be left after the first liquidation, ASICminer can still benefit from a rally.
Thanks for the interpretation, it is exactly what I mean.
I hope that one day I could have some time to improve my English writing skills.
(since you have tried to risk the company into a failure to catch the rally, the debt leverage won't be risky for you from your view, too)
sorry. lost in translation. Can you rewrite?rewrited,
some board members have tried to catch the bitcoin exchange rate rally by endangering the company's business plan, so that using debt to invest in bitcoin won't be risky for them if they are so sure about the direction of the bitcoin price.
I am afraid not much better. I'll try an interpretation and you can correct me if I'm wrong:
What you're saying is that you got the impression that a few board members would like to gamble on the BTC price fluctuation with the full amount of the ASICminer capital, and by doing that, they risk the whole endeavor. Instead, you suggest, these board members should use their own capital to speculate on BTC price. Also, since some BTC would be left after the first liquidation, ASICminer can still benefit from a rally.
(since you have tried to risk the company into a failure to catch the rally, the debt leverage won't be risky for you from your view, too)
sorry. lost in translation. Can you rewrite?rewrited,
some board members have tried to catch the bitcoin exchange rate rally by endangering the company's business plan, so that using debt to invest in bitcoin won't be risky for them if they are so sure about the direction of the bitcoin price.
I too have voted in favour of the exchange.
Yes, but ASIC production costs dollars not BTC.
And that was my point. Apologies if it was obscure. 
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The BTC price is quite high right now.
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Doesn't matter whether or not the "price is quite high right now".The BTC price is quite high right now.
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The price is adequate right now.
We bought into an ASIC production effort, not a BTC price speculation plan.
Yes, but ASIC production costs dollars not BTC. If BTC were to drop to, say, $1 right now, ASICMINER would be up shits creek. I voted yes on the measure with DMC's shares to make sure ASICMINER succeeds.
BTW, Friedcat? Hurry up with the BTC sales so we can get this shit in gear. I don't want to have to vote yes on another motion to deal with BTC price drops.
...
The BTC price is quite high right now.
...
Doesn't matter whether or not the "price is quite high right now".The BTC price is quite high right now.
...
The price is adequate right now.
We bought into an ASIC production effort, not a BTC price speculation plan.
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